T Rowe Price

Lobbying on financial reform
After the Bernie Madoff scandal SEC chair Mary Schapiro originally proposed stepped-up enforcement, including requiring 10,000 money managers to undergo surprise inspections to make sure they were acting according to regulations. However, following lobbying by T Rowe Price and other firms the SEC settled on approving a rule requiring only about 1,600 U.S. fund managers to submit to unannounced audits, 83 percent fewer than originally proposed.